When Andrea Harris was appointed INSOL International’s new President earlier this month, it marked a historical moment with four leading organisations in the profession now being female led.
Andrea joins Sonia Jordan, R3 President, Louise Brittain, Insolvency Practitioners Association President and Frances Coulson INSOL Europe President as the first all-female presidential line up
The news is indicative of a changing demographic in the restructuring, turnaround and insolvency profession with a better gender balance among new entrants and more women practitioners now leading complex cases and succeeding in senior roles.
Recovery News spoke to the new presidents to get their views on how the profession is changing and what contribution they plan to make.
The power of visibility
With their many years’ experience in the profession, Sonia, Louise, Frances and Andrea all hope their achievements will encourage people from a wide range of backgrounds to consider a career in the profession.
“It’s one thing to tell people that they can do it,” Sonia points out, “It’s much more powerful to show them what’s possible.”
Louise reflects that to have so many leading women at the head of these organisations isn’t a coincidence but demonstrates that: “This career is hard work but hugely rewarding if you invest and commit to it.”
“There are no short cuts,” Frances agrees “but we must ensure everyone has the same opportunities. If we want to encourage a healthy flow of new recruits, then we must show by example that everyone is welcome.”
Sonia feels the concept of a glass ceiling can be unhelpful: “That expression doesn’t resonate for me because it suggests there’s a limit and that’s not been my experience. The reality is being a self-starter is a fundamental requirement for anybody who aspires to being a leader in their field. I see our role as helping to create a level playing field for the next generation, so new entrants don’t have to fight as hard as we once did.”
“Visibility alone is not enough, but it is a powerful catalyst,” adds Andrea. “It gives others confidence to step forward, and it encourages institutions to examine whether their systems genuinely support progression for all.”
We’ve come a long way
“This appointment is personally very meaningful, but I also see it as part of a broader shift taking place across the profession,” Andrea continues. “I’m seeing more women, more diverse career paths and a wider range of professional backgrounds contributing to the way businesses and their stakeholders navigate financial distress.”
Frances recalls the changes she has seen in the profession: “I qualified in 1986 when women weren’t allowed to wear trousers in the office and were expected to wear heels,” she smiles wryly.
Thankfully, attitudes have changed as more women have succeeded on their own terms. Among them was Patricia Godfrey, who became R3’s first female President in 2007, while today the organisation is led by CEO Caroline Sumner, with whom Sonia works closely.
Louise believes that, regardless of gender, effective leaders share the same qualities: “You have to be your own driver and work with focus, ambition and commitment. Professional excellence is what matters, and that’s what we need to focus on.”
An important milestone
Sonia explains that a representative profession is in everyone’s interests: “Our long-term future depends on attracting the best people and today’s talented young women, and young men, are more likely to want to join the profession that is diverse and inclusive. Equally, the profession needs to reflect the wider business community.”
And while an important milestone has been reached, Frances hopes it will be an impetus for further progress: “Those at the top need to speak up and out and support colleagues from all backgrounds being treated equally, whether internally or by clients or opponents,” she says.
“We can use this moment to look beyond individual appointments and ask whether the profession is building inclusive pathways at every stage: entry, retention, development, promotion and leadership,” says Andrea. “Structured mentoring, sponsorship programmes, leadership development, bursaries and committee opportunities can all help people build confidence and visibility.”
“It’s really about creating equality of opportunity, for all” agrees Sonia. “As the politicians sometimes say, we want to offer members ‘a hand up and not a handout’.”
A lasting impact
All four women are determined to use their presidential terms to drive changes that benefit all their members and the wider profession.
For Sonia, the “number one priority” is championing the restructuring, turnaround and insolvency profession. “I want our profession to be properly valued for the important work we do for businesses in distress and their creditors, especially in the context of the current economic challenges. We can support this aim by strengthening political engagement, but we also need the next generation to see the profession as a viable and attractive career where they can make an important contribution.”
“I want to start a conversation about removing personal liability for IPs,” says Louise. This was brought in before IPs were licensed or regulated and it colours everything we do. It’s out of date and needs modernising.”
Frances is focused on ensuring an outward-looking profession open to new ideas: “I want to remind everyone that although the UK has Brexited, we are firmly in Europe with a great restructuring and litigation forum, excellent judges and professionals. We are very collegiate in INSOL Europe and have great relationships with European national associations such as R3 – I want to strengthen them further.”
Andrea wants to enhance INSOL International’s global role in bringing together professionals from different jurisdictions, disciplines and sectors. “I’d like to contribute to a profession that is more connected, more accessible, and better equipped to respond to the challenges ahead,” she says.
And while all four women represent different organisations, they believe it’s in everyone’s interests to work together on areas of mutual concern such as reducing the regulatory burden and ensuring the profession attracts the brightest and best talent.
As Sonia sums up: “The impact of what we achieve as presidents can reverberate long after the end of our terms. It’s a reminder to all of us to act today so we can help our profession flourish in the future.”
Sonia Jordan, R3, President
Andrea Harris, INSOL International, President
Frances Coulson, INSOL Europe, President
Louise Brittain, Insolvency Practitioners Association, President
